Federal Register / Vol. 72, No.
207 / Friday, October 26, 2007 / Notices 60925
In addition, the following annual fees
will apply to securities subject to
Section 902.09: 3
Shares outstanding
Up to 6 million ............................
6+ to 7 million .............................
7+ to 8 million .............................
8+ to 9 million .............................
9+ to 10 million ...........................
10+ to 15 million .........................
15+ to 25 million .........................
25+ to 50 million .........................
In excess of 50 million ................
These Annual Fees will be billed in
January for the forthcoming year.
The proposed $2,500 fee for certain
changes that involve modifications to
Exchange records is applicable under
the proposed fee schedule. This fee is
consistent with the provisions of
Sections 902.05 and 902.06 of the
Manual.
The Exchange also proposes to amend
Section 902.08 (Listing Fees for Debt
Securities) of the Manual to reflect that
the Automated Bond System is now
‘‘NYSE Bonds.’’
Finally, the Exchange currently
applies the fee schedules set forth in
Section 902.05 and 902.06 of the
Manual to securities listed pursuant to
Sections 703.15, 703.17 and 703.22 of
the Manual. However, Sections 902.05
and 902.06 of the Manual do not
identify Sections 703.15, 703.17 and
703.22 as securities to which the fees
would apply. As a result, the Exchange
requests permission to apply
retroactively for the period from June 7,
2006 to October 2, 2007 the fee
schedules set forth in Sections 902.05
and 902.06 of the Manual to all
securities previously listed pursuant to
Sections 703.15, 703.17 and 703.22 of
the Manual. Beginning October 3, 2007,
all securities listed pursuant to Sections
703.15, 703.17 and 703.22 of the Manual
would be subject to the fee schedule set
forth in Section 902.09 of the Manual.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act 4 in general, and Section
6(b)(4) of the Act 5 in particular, in that
it provides for the equitable allocation
of reasonable dues, fees and other
charges among its issuers and other
persons using its facilities.
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3 The Exchange notes that it currently lists one
Structured Product with 25 million shares or more
outstanding.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005 16:26 Oct 25, 2007 Jkt 214001
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
Fee any burden on competition that is not
$10,000 necessary or appropriate in furtherance
12,000 of the purposes of the Act.
14,000 C. Self-Regulatory Organization’s
16,000 Statement on Comments on the
18,000 Proposed Rule Change Received From
20,000
Members, Participants, or Others
25,000
42,000 The Exchange has neither solicited
55,000 nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed
Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the NYSE consents, the
Commission will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rule-
comments@sec.gov. Please include File
Number SR–NYSE–2007–77 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2007–77. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSE–2007–77 and should
be submitted on or before November 16,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–21218 Filed 10–25–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56684; File No. SR–OCC–
2007–12]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Order Granting
Accelerated Approval of a Proposed
Rule Change Relating to Options on
Leveraged ETF Shares
October 22, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
October 4, 2007, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which items have been prepared
primarily by OCC. The Commission is
publishing this notice and order to
solicit comments on the proposed rule
change from interested persons and to
grant accelerated approval of the
proposal.
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
26OCN1
 60926 Federal Register / Vol. 72, No. 207 / Friday, October 26, 2007 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change would
allow OCC to clear and settle options on
exchange traded fund (‘‘ETF’’) shares
generally known as ‘‘Leveraged ETF
Shares.’’
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.2
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of the proposed rule
change is to accommodate the
introduction of options on ETF shares
that represent interests in entities
making a broad array of investments in
order to provide investment returns that
are equivalent to (a) a multiple of the
percentage return of a specific stock
index (‘‘Multiple Fund Shares’’ or
‘‘Index Multiple ETFs’’) or (b) a multiple
of the inverse percentage return of a
specific stock index (‘‘Inverse Fund
Shares’’ or ‘‘Index Inverse ETFs’’)
(Multiple Fund Shares, Index Multiple
ETFs, Inverse Fund Shares, and Index
Inverse ETFs are collectively
‘‘Leveraged ETF Shares’’).3 According to
the proposed rule changes filed by the
exchanges seeking to list and trade
Leveraged ETF Shares, the ETF issuing
the Leveraged ETF Shares may make a
variety of exchange-traded and over-the-
counter investments, including stock
index futures contracts, options on
futures, options on securities, options
on indexes, caps on stock, collars on
stock, floors on stock, swap agreements,
forward contracts, repurchase
agreements, and reverse repurchase
agreements.4
2 The Commission has modified parts of these
statements.
3 The ProShares Ultra Funds, which trades on the
rmajette on PROD1PC64 with NOTICES
American Stock Exchange (‘‘Amex’’), is an example
of a Multiple Fund Share or Index Multiple ETF.
The Short Funds and the UltraShort Funds, which
also trade on Amex, are examples of Inverse Fund
Shares Index Inverse ETFs.
4 File Nos. SR–Amex–2007–35 and SR–ISE–2007–
87. The Commission recently issued an order
VerDate Aug<31>2005 15:23 Oct 25, 2007 Jkt 214001
Currently, the definition of ‘‘fund
share’’ in Article I, Section 1 of OCC’s
By-Laws lists the various underlying
investments that may be made by the
ETF issuing the fund share. In order to
avoid creating an ever-lengthening list
of possible investments that may prove
to be non-exhaustive, OCC proposes to
amend the definition of ‘‘fund share’’ to
state that the term means ‘‘a publicly
traded security (as defined in Section
3(a)(10) of the Securities Exchange Act
of 1934, as amended) that represents an
interest in a trust, investment company,
commodity pool, or similar entity
holding and/or trading in one or more
investments.’’ 5
The proposed rule change is
consistent with the requirements of
Section 17A of the Act because it (1)
promotes the prompt and accurate
clearance and settlement of transactions
in options on Leveraged ETF Shares by
applying the same basic rules and
procedures to such options as are
applied to options on other equity
interests, (2) fosters cooperation and
coordination with persons engaged in
the clearance and settlement of
securities transactions, (3) removes
impediments to and perfects the
mechanism of a national system for the
prompt and accurate clearance and
settlement of securities transactions,
and (4) protects investors and the public
interest. The proposed rule change is
not inconsistent with the rules of OCC,
including any rule proposed to be
amended.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received.
granting approval of SR–Amex–2007–35 that allows
Amex to list and trade options on Multiple Fund
Shares and on Inverse Fund Shares. Securities
Exchange Act Release No. 56650 (October 12, 2007),
72 FR 59123 (October 18, 2007).
5 The Commission previously approved a
supplement to the ‘‘options disclosure document’’
defining ‘‘fund shares’’ in a similar manner. Part III
of the May 2007 Supplement to Characteristics and
Risks of Standardized Options provides that the
term ‘‘fund shares’’ includes interests in exchange-
traded funds and other entities holding or trading
in one or more types of investments. Securities
Exchange Act Release No. 55702 (May 3, 2007), 72
FR 26671 (May 10, 2007) (File No. SR–ODD–2007–
02).
PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Section 17A(b)(3)(F) of the Act
requires, among other things, that the
rules of a clearing agency be designed to
promote the prompt and accurate
clearance and settlement of securities
transactions.6 By amending OCC’s By-
Laws so that OCC may clear and settle
options on Leveraged ETF Shares that
are to be listed and traded on Amex, the
proposed rule change should help
promote the prompt and accurate
clearance and settlement of such
securities transactions.
OCC has requested that the
Commission approve the proposed rule
prior to the thirtieth day after
publication of the notice of the filing.
The Commission finds good cause for
approving the proposed rule change
prior to the thirtieth day after the
publication of notice because such
approval will allow Amex to commence
trading of options on Leveraged ETF
Shares without any unnecessary delay.7
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (http://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rule-
comments@sec.gov. Please include File
Number SR–OCC–2007–12 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–OCC–2007–12. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
6 15 U.S.C. 78q–1(b)(3)(F).
7 Supra note 4.
26OCN1
 Federal Register / Vol. 72, No. 207 / Friday, October 26, 2007 / Notices
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of OCC. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–OCC–2007–12 and should
be submitted on or before November 16,
2007.
V. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and in
particular Section 17A of the Act and
the rules and regulations thereunder.8
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (File No. SR–
OCC–2007–12) be and hereby is
approved.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–21179 Filed 10–25–07; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2007–36]
Petition for Exemption; Summary of
Petition Received
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petition for exemption
received.
SUMMARY: This notice contains a
summary of a petition seeking relief
from specified requirements of 14 CFR.
rmajette on PROD1PC64 with NOTICES
8 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
9 17 CFR 200.30–3(a)(12).
VerDate Aug<31>2005 15:23 Oct 25, 2007 Jkt 214001
The purpose of this notice is to improve
the public’s awareness of, and
participation in, this aspect of FAA’s
regulatory activities. Neither publication
of this notice nor the inclusion or
omission of information in the summary
is intended to affect the legal status of
the petition or its final disposition.
DATE: Comments on this petition must
identify the petition docket number
involved and must be received on or
before November 15, 2007.
ADDRESSES: You may send comments
identified by Docket Number FAA–
2007–0007 using any of the following
methods:
• Government-wide rulemaking Web
site: Go to http://www.regulations.gov
and follow the instructions for sending
your comments electronically.
• Mail: Send comments to the Docket
Management Facility; U.S. Department
of Transportation, 1200 New Jersey
Avenue, SE., West Building Ground
Floor, Room W12–140, Washington, DC
20590.
• Fax: Fax comments to the Docket
Management Facility at 202–493–2251.
• Hand Delivery: Bring comments to
the Docket Management Facility in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue, S.E., Washington, DC, between
9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
Privacy: We will post all comments
we receive, without change, to http://
www.regulations.gov, including any
personal information you provide.
Using the search function of our docket
Web site, anyone can find and read the
comments received into any of our
dockets, including the name of the
individual sending the comment (or
signing the comment for an association,
business, labor union, etc.). You may
review DOT’s complete Privacy Act
Statement in the Federal Register
published on April 11, 2000 (65 FR
19477–78).
Docket: To read background
documents or comments received, go to
http://www.regulations.gov at any time
or to the Docket Management Facility in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue, SE., Washington, DC, between
9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
Tyneka Thomas (202) 267–7626 or
Frances Shaver (202) 267–9681, Office
of Rulemaking, Federal Aviation
Administration, 800 Independence
Avenue, SW., Washington, DC 20591.
This notice is published pursuant to
14 CFR 11.85.
PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM
60927
Issued in Washington, DC, on October 22,
2007.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.
Petition for Exemption
Docket No.: FAA–2007–0007.
Petitioner: Future Flight LLC.
Section of 14 CFR Affected:
§§ 21.191(i)(1)(3) and 21.193(e)(1).
Description of Relief Sought: The
petitioner is seeking relief to allow it to
produce and sell experimental, ready-to-
fly gyroplanes for operation in the light-
sport category. The gyroplanes would
meet all other provisions of §§ 21.190,
21.191 and 21.193, including the
requirement that such aircraft meet the
applicable consensus standard.
[FR Doc. E7–21105 Filed 10–25–07; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2007–38]
Petitions for Exemption; Summary of
Petitions Received
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petitions for
exemption received.
SUMMARY: This notice contains a
summary of certain petitions seeking
relief from specified requirements of 14
CFR. The purpose of this notice is to
improve the public’s awareness of, and
participation in, this aspect of FAA’s
regulatory activities. Neither publication
of this notice nor the inclusion or
omission of information in the summary
is intended to affect the legal status of
any petition or its final disposition.
DATES: Comments on petitions received
must identify the petition docket
number involved and must be received
on or before November 15, 2007.
ADDRESSES: You may send comments
identified by Docket Number FAA–
2007–29267 using any of the following
methods:
• Government-wide rulemaking Web
site: Go to http://www.regulations.gov
and follow the instructions for sending
your comments electronically.
• Mail: Send comments to the Docket
Management Facility; U.S. Department
of Transportation, 1200 New Jersey
Avenue, SE., West Building Ground
Floor, Room W12–140, Washington, DC
20590.
• Fax: Fax comments to the Docket
Management Facility at 202–493–2251.
• Hand Delivery: Bring comments to
the Docket Management Facility in
26OCN1